The Obama 10 year budget includes trillions in new spending programs at a time when tax revenues are declining at a precipitous rate.
The projected deficit in the
Obama Budget is $7.0 trillion for the decade 2010 to 2019. That's the good news!
The Congressional Budget Office (CBO) has concluded that, if the Obama budget were approved, the federal government would actually run even larger
deficits averaging nearly $1 trillion a year over the next decade. The cumulative deficit from 2010-19 would be $9.3 trillion, according to the report - $2.3 trillion more than the Obama administration's forecast. The main reason for the difference in budget estimates is a difference in economic growth, with congressional views of long-term growth less optimistic than those of the White House. …
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Now that Standard and Poor's has cut its outlook on the U.K.'s AAA
credit rating, can the U.S. be far behind. We're headed down the same primrose path, according to Bill Gross co-chief investment officer of PIMCO, who predicts that the U.S. "will eventually loose its top rating". How did we get to this sorry state of affairs?
Unbridled spending and borrowing - The U.S. is boosting its debt sales to $3.25 trillion for the fiscal years ending Sept 30th pushing the nation's "marketable debt" to an unprecedented $6.36 trillion. The Federal Reserve's custodial holdings of Treasuries for foreign accounts have already risen to $1.9 trillion.
But the past is only prelude to the Obama fiscal future. Further deterioration of the dollar and our credit rating is a virtual certainty as…
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The Democrat Party is in the hands of the Pelosi-Obama extreme left, the Republican Party is in the hands of the Bush-Limbaugh fanatic religious right and the mindless party faithful gleefully sing along, ours is not to reason why, ours is but to do or die. The Congressional Budget Office (CBO) estimates that there will be trillion dollar annual deficits for the next decade if the Pelosi-Obama left prevails, and the response from the right, narrow-minded religious platitudes.
Maybe its time for a third party that represents the rational, pragmatic majority of the country. I believe the founders would approve if we called our new party, The Enlightenment Party.
First let's look at what we can expect from the left:
In 2010 federal outlays will be a breathtaking $3.6 trillion, or 24.1% of…
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The top 1% of U.S. taxpayers earns 22% of the income and pay nearly 40% of all income taxes. The bottom 50% pays just 3%. We are told that this is unfair, and the "rich" should pay their "fair share". It would probably not overburden the top earners to pay 43% and eliminate all taxes on the bottom 50%. After all, it would only take a 5.5% increase in the amount the top 1% already pays to eliminate the need to collect from the bottom 50%. Can the rich afford it - yes, but can the poor.
Could a house so divided prosper? Given the class-warfare rhetoric from the administration and Congress it appears that this is just the country they wish to create. Use tax credits for the bottom 50%…
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The road to insolvency is paved with
red ink. How can the United States become
insolvent? Easy, just add the Obamanomics deficits, as laid out in the President's ten-year plan, to the existing $11 trillion
national debt and it will not be long before the US is unable to meet its financial obligations. Presently, debt held by the Social Security Trust Fund and other governmental agencies is $4.4 trillion, plus the remainder of the debt (owed to citizens or "foreign" owners) is $6.6 trillion. Approximately 50% of US debt is owed to
foreigners, up from 31% in 2000, and this debt will undoubtedly continue to climb. If China and other foreign creditors lose their appetite for US debt, the result will be catastrophic for the dollar…
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